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Louisiana Homeowners Insurance

Homeowners Insurance in Louisiana: Complete Consumer Guide

Louisiana is named in honor of King Louis XIV of France. The world famous Mardi Gras festival is celebrated in New Orleans. Louisiana is the only state that doesn’t have counties; there are parishes instead. Metairie is home to the longest bridge over water in the world, the Lake Pontchartrain Causeway. The causeway is 24 miles long. St. Martin Parish is home to the world’s largest freshwater river basin. The Saint Charles streetcar line in New Orleans is a national monument that moves. New Orleans is known as the Jazz Capital of the World. The state flower of Louisiana is the magnolia. The state tree of Louisiana is the bald cypress. And the state bird of Louisiana is the brown pelican. The state capital of Louisiana is Baton Rouge.

Types of policy for Homeowners Insurance in Louisiana

What kind of home insurance policy do you need for your house? Not certain? Here is a look at the different types of homeowners insurance policies.

HO-1 Called the “basic form,” the HO-1 form covers the 10 most common perils. But the HO-1 form is not found everywhere. Some insurance companies do not offer HO-1 forms.

HO-2 Known as the “broad form,” the HO-2 form provides more limited coverage. But a HO-2 form still provides more coverage than a HO-1 basic form.

HO-3 This form is the most widely purchased type of home insurance. The HO-3 form provides coverage for named perils and personal property. With a HO-3 form, your insurance company will pay to repair or replace belongings damaged by 16 covered perils. These covered perils include theft, falling objects, the weight of snow, ice and sleet, water damage, fire, smoke, lightning, windstorm, hail, explosions and vandalism.

HO-6 The HO-6 form of insurance is for condominiums. This type of insurance is usually “walls-in” coverage and may protect the condo unit’s walls, floors and ceilings against 16 perils. The HO-6 form also includes coverage for the condo owner’s belongings.

HO-8 The HO-8 form of insurance is for older houses and covers 10 perils. The HO-8 form is paid on an actual cash value basis, which is the cost of the home items minus depreciation.

What factors affect rates on homeowners insurance in Louisiana?

A wide array of factors impact the rate on a homeowners insurance policy. Let’s take a look at a few. For example, the construction materials of your house are big factors because they determine how your home withstands disasters and how much it’ll cost to rebuild. Other factors weigh in too, such as how much it will cost to replace all your belongings and whether or not you own a swimming pool or a trampoline. Are you a pet owner? If you have dogs, you are liable for dog bites and injuries caused by your pet and this impacts your homeowners insurance. Your credit also plays a role. If you have good or excellent credit you will pay a lower home insurance rate than a homeowner with bad credit.

Top 5 disasters in the State of Louisiana

Louisiana federally declared Hurricane as the most common disaster with 29 counts since 1953, followed by Flood, Severe Storms, Tornado, and Coastal Storm disasters. Here are the top 5 federally declared disasters in the state of Louisiana:

Rank

Declaration Title

Disaster Number

1Hurricane29
2Flood28
3Severe Storms15
4Tornado5
5Coastal Storm4

Source: Federal Emergency Management Agency (FEMA)

How much is homeowners insurance in Louisiana?

The average cost of homeowners insurance in Louisiana is $1,108 per year.

Source: The average cost of homeowners insurance by state, Business Insider.

Crime Rate: Is Louisiana a safe state?

2019 Crime in Louisiana Crime Number Crime Rate*
Property Crime146,9933,162.0
Burglary26,918579.0
Larceny-Theft109,3592,352.4

*Rate per 100,000 inhabitants

Safest Cities in Louisiana by Property Crime*

  • Youngsville, LA has a population of 15,020 with a Property Crime rate of 10.5 per 1k. The city average home value is approximately $210,829.
  • Mandeville, LA has a population of 12,331 with a Property Crime rate of 18.2 per 1k. The average home value there is about $278,219.
  • Baker, LA came in third as the safest city in the state of Louisiana and has a population of 13,240 with a Property Crime rate of 24.6 per 1k. Its home value averaged at about $135,669.
  • Abbeville, LA has a population of 12,142 with a Property Crime rate of 25.9 per 1k. Its average home value is $140,295.
  • Slidell, LA has a population of 27,768 with a Property Crime rate of 28.5 per 1k. The city home value averaged $181,235.

*Based on FBI Uniform Crime Reporting 2019, some cities have been eliminated because of changes in the state/local agency's reporting practices and cities with populations under 10,000. Zillow’s State/Cities average home value for a single family home or a condo as of Sept. 2020.

Compare Home Insurance Rates in Louisiana

Top homeowners insurance companies in Louisiana

UPC Insurance provides insurance coverage to homeowners in areas where natural disasters may occur and UPC Insurance also delivers an affordable home insurance rate. UPC specializes in flood and hurricane zones and provides additional coverage for flood insurance. Discounts include a 15 percent protective door and window discount, a multi-policy discount, a windstorm certification discount, a flood insurance discount and a full premium payment discount.

Hanover Insurance Group offers its customers an array of discounts on homeowners insurance policies. Hanover customers also have several tiers of insurance coverages to choose from for their policies. Discounts include a multi-policy discount, a security equipment discount, a new home discount, a payment method discount and an affinity group discount.

State Farm has a strong and interactive website and speedy claims payments. State Farm also is known for the accuracy of its home insurance quotes. Discounts include a multi-policy discount, a high deductible discount, a security equipment discount and an impact resistant roofing discount.

Louisiana Home Insurance FAQs

Are hurricanes covered by home insurance in Louisiana?

Most standard homeowners policies will cover damage caused by hurricanes except for flood damage. For flood damage, you will need to buy a separate flood insurance policy.

Is homeowners insurance required before closing?

All lenders require homeowners insurance to be in place before you close on a house. They may even place a policy on your home if you do not do it yourself. Make sure to buy a policy yourself so you can get the best value as well as the right amount of coverage.

Can I cancel my homeowners insurance anytime?

Yes, you can cancel your homeowners insurance at any time but there may be fees and penalties to pay. Check your policy for details.

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